Bad news, good news for USC fiscal year
By Myra Holmes
The financial story for the U.S. Conference’s 2007-2008 fiscal year is something of a bad news, good news scenario.
First the bad news: Receipts lagged behind the budget by more than $35,000. The lion’s share of that shortfall can be blamed on church giving, which came in nearly $60,000 under the budgeted amount. Congregations gave a total of $440,651, down about $18,000 from last year and significantly below the average for the last several years.
The blow was softened by strong fundraising efforts on the part of both Don Morris, Mission USA director and Ed Boschman, USC executive director. The 2007-2008 budget called for $75,000 from MUSA and $135,992 from the executive director. Both figures represent increases over previous years—an aggressive expectation given that the executive director’s seat was empty until October. Even so, executive director fundraising nearly met the budgeted amount of $131,034. Mission USA fundraising went above expectations, raising $91,202.
Now the good news: Disbursements also came up less than anticipated, at $797,573 compared to the budgeted $825,302, leaving the USC only slightly in the red. The Leadership Board, Mission USA and Communications all contributed to the savings by coming in under budget. With actual expenses coming in $27,729 under the budgeted disbursements, the USC ended the 2007-2008 fiscal year with a deficit of $7,831.
The USC begins the 2008-2009 fiscal year in what USC administrative secretary Donna Sullivan calls “a positive position,” with $207,874 in the operating fund and $364,677 in total unrestricted net assets. The 2008-2009 budget submitted by the Leadership Board and approved by delegates at the 2008 convention in July again calls for $500,000 in church contributions and significant increases in fundraising efforts by MUSA and the executive director—$100,000 and $187,973, respectively—to support a budget increase of about 9 percent. The $902,973 budget includes increases for Leadership Board and administration, staff and the newly-formed Board of Faith and Life.